Form 1120

Form 1120, the U.S. Corporate Income Tax Return, is a document filed annually by C corporations to report their income, gains, losses, deductions, credits, and tax liability to the Internal Revenue Service (IRS). Key aspects include:

1. Reports company’s financial information for the tax year

2. Calculates taxable income and tax liability

3. Includes details on:

   – Gross income and deductions

   – Balance sheet information

   – Shareholder information

   – Tax credits

4. Due by the 15th day of the 4th month after the tax year ends

5. Extensions available for filing, but not for tax payment

Accurate completion of Form 1120 is crucial for corporate tax compliance. It requires detailed financial records and understanding of tax laws. Many corporations seek professional assistance to ensure proper filing and maximize allowable deductions. Penalties may apply for late filing or underpayment of taxes. The form and its instructions are updated annually to reflect current tax laws and regulations.